Hi! I know many similar questions have been asked before but I need some specific answers..

1)What is the exchange rate that we get at an ATM in Italy (compared to xe.com)?
2)Should we take some Euros from here or are we being too paranoid about ATMs failing to work in FCO (we need money for our cab and our hotel)?
3)If we take Euros from here is there a less painful exchange rate with a certain source (i.e AAA or credit unions or banks)

THanks,
Susan

Hi Susan,

Some answers to your questions.

1) The exchange rate changes all the time so it is hard to say what it will be when you are traveling. It depends on the bank you are using also.

2) ATM's are readily accessible unless you are traveling to a more remote region. If it gives you peace of mind, you can change dollars for Euros in the airport but I wouldn't exchange a big amount of money there as the rates are higher.

All the Best,

I would take some money in euros with me. Based on even my limited experimece with ATMs in Italy, one thing is certain: have a backup. Don't depend on any one card or always being able to get money from an ATM. I am not the only one who has had this happen to, but I had my debit card declined after using it 3 times to get cash. I had used it on 3 previous days. I had not even taken out 250 euros each time. The message from the ATM said to call my bank. When I tried, the recorded message said there was a 40 minute wait to talk to a banker. Instead I got a cash advance from my Americna Express card. When I got back home, my bank said that there is no reason why my card should not have worked. There was no hold on my account.

The euro/dollar exchange rate fluctuates daily. For convenience I jsut order euros from my bank. You can shop around, and then the international money market can do you in anyway from one day to the next.

kaushal,
The exchange rate is set by the network, Plus (Visa), Cirrus (Mastercard), etc. and is usually 1% over the interbank rate (shown on xe.com).

Henry

quote:

The exchange rate is set by the network, Plus (Visa), Cirrus (Mastercard), etc. and is usually 1% over the interbank rate (shown on xe.com).

In addition to the 1% imposed by the network, many U.S. banks add an additional percentage (usually 2%) over the interbank rate, and they may also charge a per-transaction fee. It depends on the individual bank and the type of account you have.

Susan, you should have some money on you when you arrive; you can't leave yourself exposed in the first couple of hours from arrival without a start fund.

As to rates of exchange: there are too many variables in play to be able to pin the best rate with the best fee at the best bank, etc. Once you leave home, even from the moment you leave for the airport, markets move and rates change and there are no assurances for steady rates and fees. As you surely notice, we all say "usually", "approximately" and hedge advice, simply because there is no absolute answer. And don't forget fluctuations can also work to your advantage. So be safe and enjoy your trip; the small differences will not add up to something really significant.

Hi everyone,

thanks for the advice. We have already found that both our banks (citibank & chase) have 3% fees in addition to the charge imposed by the ATM bank. We are splitting our travel money between these accounts and have 2 cards for each account!

We fly a week from Thursday and I can almost taste the gelato...

Thanks again,
Susan

I know this advice may not sit well with everyone, bit I simply get my euros ahead of time. It may cost a little more, but then I have peace of mind and also no hassle about where or when I am going to get some $$$. To me that is worth the $20 or so!

Doris

Hi Susan,

I just wanted to give you my best wishes for your wedding. I wish you a beautiful wedding day and very happy married life.

I hope you will give us a full report when you return,

Cracker

Hi Doris, My fiance is leaning your way..


Hi Cracker, I just cried reading your post. It is very sweet of you to take the time to wish me well.

I promise to write a full report as that is the only way I can think of trying to repay the enormous debt I owe Slowtrav members.

Susan

Hi Susan,

I would say it is always good to have a hundred fifty Euros or so in your pocket when you land, like that you can be assured not to have the hassle of having to add the ATM/money exchange task to the rest of the "finding your way out of the airport" tasks when you arrive.

Saluti

Diana

I always arrive with around 200E. It lets me get out the airport confusion to the hotel and dinner without hassle. Then I have plenty of time to scout for an ATM. At the end of each trip I hold on to 200E to start the next trip. Since the euro is used in many countries, I'm never afraid to have that much on hand since I know I'll be traveling somewhere soon again. As we all have learned you will return to Italy.